If Billy Walters doesn't look familiar to you, don't be surprised. But Walters is a Las Vegas sports betting icon worth hundreds of millions of dollars, and he wagers on sports other than thoroughbred and harness
racing.
Columnist Richard Eng of the Las Vegas Review-Journal feels that a major player like Walters is exactly what horse racing needs and that his indifference to playing the ponies should set off alarm bells within the industry.
"Maybe Walters dabbles during the Triple Crown, the Breeders' Cup, or a large Pick 6 carry-over," posed Eng. "But unless he's receiving a huge rebate, someone such as Walters knows that the odds of betting on horses is stacked badly against the player. His silence on horse betting should have screamed volumes to racing's decision-makers.
"Horse racing needs whales such as Walters if it wants to increase overall handle. All the $2 bettors in the world won't make up for a few guys like him. I suspect that getting advice from someone as astute as Walters wouldn't help our business because most of the people in charge don't listen."
Walters made a rare public appearance in an interview for CBS News' 60 Minutes.
The article beautifully
The article beautifully summarizes why harness racing's mutuel handle has dropped year in and year out for the last 30 years especially if you factor in inflation. Twenty five per cent takeouts and win and exactor pool sizes of $30,000 at WEG will never cut it with big players. Moreover, if you have the means you can easily make a $100,000 bet on the Super Bowl at any major sportsbook on the Internet and be charged an industry standard of 5 per cent takeout. (2 per cent at a particular website) Consequently, try making a measly $2,000 win bet a Woodbine without affecting the win odds of the horse you bet by half. Ultimately, until harness racing changes its pricing structure so mutuel pool sizes can grow it will continue to be the Mickey Mouse sport that it has become as it marches to total irrelevancy.
Horse racing doesn't need
Horse racing doesn't need "whales" such as Walters to increase overall handle,horse racing needs a credible,successful gambler(s) like Walters to prove to gamblers that horse racing can be beat.
Poker has the young successful players like Dwan,Robo,Ivey, etc who are proven winners.These players inspire gamblers to try and emulate them.Sports betting has Bill Walters who flys around in a 20 million dollar jet and has money to burn.These guys have shown the gamblers around the world that one can be successful betting these games.
Horse racing doesn't have a superstar gambler!If horse racing knows of people that make big money betting the horses they better promote them,cause the youth of today follow the hype.If they don't see someone making the big money,they won't waste their time.People don't go to the track to watch the drivers or horses,they go to MAKE MONEY.
Interesting interview, There
Interesting interview, There are whales out there who gamble on horse racing to the same magnitude as this guy. In fact I have paid good money to listen to thier seminars and them give false information to get the pools in thier favour. Buyer beware. So we have to offer rebates to attract these guys ....... untill we get standard legislation across North America so the same rebates can be offered all over then it aint going to benefit the sport.....These whales are only as good as the rebate when it changes so do they to the one thats offering it home or off shore.
One team sports betting will
One team sports betting will KILL horse racing and it's suppose to be coming to Ontario within 2 years.